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Above all, don't stick your head in the sand. Trying to make your problems look better than they are, or denying them altogether, won't help you. Take a hard look at the reality of the situation. To do this, draw up a budget that will help you
find out exactly where you stand.

Are your expenses higher than your revenues?

You're over-indebted when:

you consistently have a hard time making payments on your credit cards

you're late in repaying your debts

you regularly use your line of credit to “finance” basic expenses such as groceries or rent

Admitting that you're overextending your credit is a first step in the right direction.

Now you can evaluate whether your situation is critical or it's simply a question of managing your personal finances.

When the situation becomes clear to you, move on to step 2.

Tools and tips

Your budget

This simulation tool allows you to calculate your revenues and expenses, and to draw up a monthly budget.

Help, I'm in debt!

Before you lose hope, seek the help of a finance advisor, who will be able to steer you towards the best solutions for your particular situation.

For small problems, an advisor at your financial institution will certainly be able to help you. If the situation is more serious, he or she will possibly recommend a more robust solution, such as debt consolidation..

Debt consolidation involves a financial organization combining some or all of your loans into one. The advantage is that you will only have one payment to make. Financial institutions are very careful regarding applications for consolidation. This
recourse can often reveal a more serious problem than simply the desire to group your debt payments.

Financial institutions that consolidate debt assume all the risks that were previously shared by several institutions, including credit card companies. This additional risk requires a higher interest rate than a simple personal loan. As well, your
advisor must be convinced that your debt cycle is over and done with.

These measures could be radical, such as cutting up your credit cards and cancelling your lines of credit. The institution might also request a financially stable family member or friend to co-sign for you.

Bankruptcy is a solution that should only be a last resort. Bankruptcy can damage your credit rating for many years, making it difficult for financial institutions to lend you money, even 5 to 7 years after the fact. It may also
affect your chances of landing a job.

If your situation is simply a question of lowering your payments, move on to step 3.

The information provided here is for demonstration purposes only, and is not a substitute for a professional advice.
Before making investment decisions, you are advice to speak with your caisse advisor ou your account manager at a Desjardins Business centre.
The information contained in this section should in no way be considered an advice or a recommendation by Desjardins Securities Inc.or Disnat.